Eric

Small-time real estate sponsor sharing about investing and anything else that catches my fancy. Focused on heavy value add $1-10m in the Orlando area.

[Eric @sellercarry]

An investor drove past one of our recent deals on Sunday and sent me this photo.

Deal will stabilize at 10%+ unlevered yield on cost in Year 2 and rise from there.

Not glamorous or particularly scalable, but ended up being a solid deal.

[Eric @sellercarry]

@DietCoke82 Looks great. I'm just curious why you had to run the counter into a window.

[Eric @sellercarry]

@EllliotttB Have a Learning Experience going in next to a Dunkin in a suburb of a suburb here in Orlando.

[Eric @sellercarry]

@chaserealestat3 There's also a spillover effect that frequently affects the desirability of neighboring units if it's a multi unit property.

[Eric @sellercarry]

@moseskagan Same for real estate -- capex is always competing with cash flow.

[Eric @sellercarry]

@bavedikian We bought a small class c apartment deal in '21. Got a decent price for the market back then at $113k/door. Market peaked around $150 a couple years later. Now probably near our total cost at $125. Fortunately, placed 10 year debt at sub 4% so we can keep on chuggin.

[Eric @sellercarry]

@FCNightingale Some serious equity is getting zeroed.

[Eric @sellercarry]

@TheSFGiantsGuy Probably crazier that he had to ask if you were one of his investors in the latest deal to blow up. If I was in his shoes, I'd have that list seared into my brain.

[Eric @sellercarry]

I'm no expert, but seems a little corrupt when Winter Park, one of the wealthiest communities in Central Florida, has its own Opportunity Zone.

Please tell me how I'm wrong.

(Two OZs if you count the one north of Lee Road)

[Eric @sellercarry]

@DallasAptGP Ok, you convinced me. How do I invest in OZs as a small value-add GP?

[Eric @sellercarry]

@MultifamilyMad I don't buy anything more than a 30 minute drive from my office.

[Eric @sellercarry]

@Snowball_Dev Paint and asphalt have to be some of the most rewarding improvements.

[Eric @sellercarry]

@industrialOSguy Did you finance it? What are market terms these days?

[Eric @sellercarry]

@Bethazor1 What an amazing trek.

[Eric @sellercarry]

@pasquale_z This is a great resource. Stumbled across it yesterday.

[Eric @sellercarry]

@TheRealEstateG6 Agree. There's an interesting line between kicking someone when they're down and trying to point out hypocrisy.

[Eric @sellercarry]

@bridgelenderguy If you project value doubling, but insurance remaining the same, that's on you

[Eric @sellercarry]

@phil_mcalister I bought a small apartment deal end of 2021 during the interest rate/MF craze. Been a rough ride with insurance and occupancy. Current value is probably just catching up to purchase price 5 years later, BUT I still have 5 years of term left at 3.9%.

[Eric @sellercarry]

@DannyKPolitics Very easy to get an LLC in Florida, but there's a whole ecosystem around it -- annual filings, tying it to an EIN, maintaining certain addresses, maintaining a registered agent for legal notices, and filing for business tax receipts with your local municipality or county.